Newcastle United football fans think they have problems, with an autocratic owner, no manager and poor performances on the field.

But they should spare a thought for the loyal supporters of Oxford United, who have been suffering a dismal soap opera of their own.

It hardly seems believable that this is the club that won promotion in quick succession to Division I, then the top echelon of English football, lifted the Milk Cup on a historic day at Wembley and, in earlier days, earned a reputation as FA Cup giant killers.

Now United, having lost their Football League status and wallowing in the depths of the Blue Square Premier, can't even beat scratch teams of part-timers.

It is a sad and sorry tale of failure.

Hopes were high when Nick Merry and his colleagues took over from Firoz Kassam. At last, it seemed, progress was being made.

In the first half of their first season in what was then the Conference, United were almost unbeatable.

But then their fortunes suddenly changed, they missed out on promotion back to the Football League and it has been downhill ever since.

Poor performances on the pitch, unrest among fans, the failure to buy the stadium and now the credit crunch have all conspired to put United in a dire financial situation.

The owners declined to comment last night — it is believed negotiations are going on behind the scenes — but they need to end speculation quickly. Fans deserve to know what is happening to their club.

We hope that Merry and his team can make it work — they have the football club at heart with their not-for-profit philosophy.

But if they fail, the future indeed looks grim for Oxford United.

Sadly, there won't be an Arab sheik waiting in the wings.